| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w25207 |
| 来源ID | Working Paper 25207 |
| Private Equity Indices Based on Secondary Market Transactions | |
| Brian Boyer; Taylor D. Nadauld; Keith P. Vorkink; Michael S. Weisbach | |
| 发表日期 | 2018-11-05 |
| 出版年 | 2018 |
| 语种 | 英语 |
| 摘要 | Measuring the performance of private equity investments (buyout and venture) has historically only been possible over long horizons because the IRR on a fund is only observable following the fund’s final distribution. We propose a new approach to evaluating performance using actual prices paid for limited partner shares of funds in secondary markets. We construct indices of buyout and venture capital performance using a proprietary database of secondary market prices between 2006 and 2017. These transaction-based indices exhibit significantly higher betas and volatilities, and lower alphas than NAV-based indices built from Preqin and obtained from Burgiss. There are a number of potential uses for these indices. In particular, they provide a way to track the returns of the buyout and venture capital sectors on a quarter-to-quarter basis and to value illiquid stakes in funds. |
| 主题 | Financial Economics ; Portfolio Selection and Asset Pricing ; Financial Institutions |
| URL | https://www.nber.org/papers/w25207 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/582881 |
| 推荐引用方式 GB/T 7714 | Brian Boyer,Taylor D. Nadauld,Keith P. Vorkink,et al. Private Equity Indices Based on Secondary Market Transactions. 2018. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w25207.pdf（577KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
除非特别说明，本系统中所有内容都受版权保护，并保留所有权利。
